Macedonia’s real GDP growth accelerated to 3.8% last year from 2.7% in 2013, statistics office data showed. The real annual GDP growth was 3.3% in Q1, 4.7% in Q2, 4.3% in Q3 and 2.7% in Q4. Nominal GDP was MKD525.8bn (€8.6bn) in 2014.
The breakdown by production approach shows that last year the highest real growth of 11.7% took place in a broad group defined as “arts, entertainment and recreation; other service activities; activities of households as employers; undifferentiated goods- and services-producing activities of households for own use”.
Manufacturing was the second fastest growing sector, expanding by 10%. We should note, though, that real annual growth of manufacturing decelerated to 4.5% in Q4 from 16.6% in Q3.
The breakdown across expenditure components shows that 2014 GDP growth was driven by gross capital formation and household final consumption, while general government final consumption contracted and a strong growth in exports was offset by an expansion of imports.
Gross capital formation rose 13.5% in 2014, but its annual growth slowed down to 1.8% in Q4 from 19.1% in Q3. Last year, household final consumption rose 2.3%, while general government consumption shrank 1.2%. Both exports and imports registered double-digit growth rates, of 17% and 14.5%, respectively.
| GDP, % y/y real | |||||
| Q1'14 | Q2'14 | Q3'14 | Q4'14 | 2014 | |
| Gross Domestic Product | 3.3 | 4.7 | 4.3 | 2.7 | 3.8 |
| Final consumption | -0.4 | 3.1 | 1.0 | 2.7 | 1.6 |
| - Household final consumption | -0.1 | 3.8 | 2.5 | 2.9 | 2.3 |
| - General govt final consumption | -1.7 | 0.0 | -5.2 | 1.9 | -1.2 |
| Gross capital formation | 31.0 | 8.9 | 19.1 | 1.8 | 13.5 |
| Exports of goods and services | 14.2 | 15.9 | 15.2 | 22.4 | 17.0 |
| Imports of goods and services | 14.8 | 11.5 | 14.3 | 17.4 | 14.5 |
| Source: Statistics office |
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